Should I Get an LPA? Protecting Your Future with Lasting Power of Attorney
When it comes to estate planning, many of us immediately think of drafting a will to distribute our assets after we're gone. However, there's an essential component that often gets overlooked but is considered by professionals as even more critical than a will: Lasting Power of Attorney (LPA). In this blog post, we'll delve into why obtaining an LPA is a vital step for every adult, discussing its significance, the risks of not having one in place, and why it's considered more important than a will in determining your quality of life.
Understanding Lasting Power of Attorney
At its core, Lasting Power of Attorney is a legal document that grants someone you trust the authority to make decisions on your behalf, should you become unable to do so due to mental or physical incapacity. It enables you to designate one or more individuals, known as attorneys, to act in your best interests regarding personal welfare and/or financial matters.
Why Lasting Power of Attorney Matters
Quality of Life Preservation: None of us want to imagine a time when we may be unable to make decisions for ourselves, whether due to aging, illness, or unforeseen circumstances. However, it's crucial to face the reality that such situations can arise. By having an LPA in place, you ensure that the person(s) you trust will have the legal authority to make decisions aligned with your wishes, ensuring your comfort, care, and quality of life.
Protection from Unintended Consequences: Without an LPA, the legal process of appointing a decision-maker becomes far more complex and time-consuming. In the absence of clear instructions from you, decisions regarding your health, welfare, and finances may fall into the hands of strangers or individuals who may not understand your desires or priorities. This can lead to unintended consequences and potential disputes among loved ones, exacerbating an already difficult situation.
Financial Security and Asset Management: Your financial well-being is a fundamental aspect of your life. With an LPA for finances in place, you can choose a trusted attorney who will handle your financial matters in line with your interests and objectives. Whether it involves managing investments, paying bills, or dealing with property transactions, having an LPA ensures your assets are protected and managed by someone you trust.
Options for Obtaining Lasting Power of Attorney (LPA)
When it comes to establishing your Lasting Power of Attorney (LPA), you have several options to choose from. While it may be tempting to take the do-it-yourself route, it's important to consider the complexities involved and the potential risks of not having the necessary legal expertise. Let's explore the available options for obtaining an LPA and weigh the pros and cons of each:
Hiring a Lawyer: Engaging the services of a lawyer is a common route taken by individuals seeking to establish an LPA. Lawyers possess the necessary legal expertise to draft and execute the document correctly, ensuring it meets all legal requirements. However, it's important to note that legal fees can be substantial, and the costs may vary depending on your location and the complexity of your requirements. While the expertise of a lawyer is valuable, the expense may deter some individuals from pursuing this option.
Do-It-Yourself: While it's technically possible to create your own LPA using templates or online resources, it's generally not advisable unless you have a strong knowledge of the field. LPA documents require careful consideration and precise language to ensure they reflect your intentions accurately. Mistakes or omissions in the document could render it invalid or open to interpretation, potentially leading to disputes or unintended consequences down the line. Given the significance of an LPA, seeking professional guidance is highly recommended.
Professional Estate Planners: A viable alternative to the DIY approach and the expense of hiring a lawyer is to consult professional estate planners, like us at FamilyTrusts. We specialise in the intricacies of estate planning, including the creation of Lasting Power of Attorney documents. By seeking our services, you gain the advantage of their experience and knowledge in this field, ensuring that your LPA is tailored to your specific needs and complies with the relevant legal regulations, and without the hefty price tag associated with lawyers.
Summary:
While contemplating the need for an LPA may be uncomfortable, it's a crucial step in safeguarding your future. By obtaining Lasting Power of Attorney, you ensure that your wishes are respected, your quality of life is preserved, and your assets are managed by trusted individuals. Don't overlook the importance of this legal document; consult with professionals to assist you in setting up an LPA that reflects your desires and values. Remember, estate planning encompasses more than just a will—it involves securing your well-being and peace of mind, even when you can no longer make decisions for yourself.